Resin is a highly viscous or solid substance which can be natural or of synthetic origin. Corrosion resistance resins are mainly formulated as isophthalic, vinyl ester, and terephthalic resins to impart desired property of corrosion resistance. Oil & gas, automotive, and marine industries have witnessed a surge in recent years. However, one of the major challenges faced by companies operating in these industries is corrosion. Corrosion leads to high monetary and property losses across the aforementioned industries. Corrosion resistant resin is witnessing increased acceptance in these industries, owing to its resistance to solvents, chemicals, moisture, and high temperature range. Corrosion resistant resin finds a wide range of application in glass containers, stainless steel, and painted steel, among others.
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Growing demand for composite materials is one of the major factors boosting growth of corrosion resistant resin market. Moreover, conventionally used metals such as carbon steel and aluminum are being replaced by composites due to their added advantages such as cost effectiveness and low maintenance. Corrosion resistance materials are anticipated to witness high demand in the chemical industry, where losses due to corrosion leads to significant revenue losses. Consumption of corrosion resistant resins for application in equipment, structures and machineries is expected to increase in the near future.
Corrosion Resistant Resin Market Taxonomy
On the basis of type of product type, the global market is classified into:
- Vinyl Ester
On the basis of application, the global market is segmented into:
On the basis of end use industry, the global market is classified into:
- Oil & Gas
- Food and Beverage
- Automotive and Transportation
- Others (power generation, paper and pulp)
Epoxy resin product segment is expected to remain dominant in the global corrosion resistant resin market, due to its excellent corrosion resistance property, easy application and affordable cost. Epoxy coatings are widely used to prevent corrosion in manufacturing equipment, tanks for corrosive chemicals, underground storage tanks, industrial scrubbers, effluent management, and pressure transfer pipe. Vinyl resin is used in marine industry to prevent the blistering of the hull ships. Replacing the conventional methods of applying protective paints by resin is increasing rapidly in various end-use industries such as infrastructure, oil & gas, and automotive, among others. This is mainly attributed to the properties of composites such as easy installation, corrosion resistance, and ease of operation at elevated temperatures.
Corrosion Resistant Resin Market Outlook - Increasing Focus on Cutting Losses due to Corrosion Expected to Propel Market Growth
Asia Pacific is expected to be the most potential market for corrosion resistant resin manufacturers. Asia Pacific is projected to witness relatively high growth in terms of value over the forecast period. Rapidly increasing industrialization, GDP growth, and demand for improved and modern infrastructure in the region is expected to fuel the demand for corrosion resistant resins in the region, which in turn is anticipated to augment growth of the corrosion resistant resin market. According to India Brand Equity Foundation (IBEF)—a trust by the Department of Commerce, Ministry of Commerce and Industry, Government of India—in FY2020 the Indian construction Industry is projected to be valued at US$ 5 billion. This is projected to create a highly conducive environment for growth of the market. Moreover growing foreign investments in industries such as infrastructure and transportation in growing economies such as India is expected to boost growth of corrosion resistant resin market in Asia Pacific. China is one of the major markets owing to its deep-rooted industrial base. Middle East and Africa are emerging markets for the corrosion resistant resins due to increasing application in the oil & gas industry. On the other hand, Europe and North America are expected to exhibit relatively slower growth in market size over the forecast period.
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Fluctuating prices of raw material is expected to be one of the restraining factors for the growth of corrosion resistant resin market over the forecast period. This is mainly due to fact that raw materials used for manufacturing corrosion resistant resins comprise majority of petroleum products. Some of the companies operating in the global corrosion resistant resin industry are Reichhold Inc., Huntsman Corporation, Olin Corporation, Scott Bader Company Limited, Ashland Inc., Aditya Birla Chemicals, Polynt Composites Inc.
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